NextEra Energy Resources and Basin Electric Power Cooperative announce collaboration to bring responsible growth, jobs and economic benefits to North Dakota through development of the River Run Energy Center

Rhea-AI Summary

NextEra Energy Resources (NYSE:NEE) and Basin Electric signed a memorandum of understanding on Dec. 8, 2025 to explore a combined-cycle natural gas facility in Basin Electric's North Dakota territory to support a multi-gigawatt data center campus.

The proposed plant has a planned capacity of ~1,450 megawatts. In October 2025 the companies submitted an application to the Southwest Power Pool Expedited Resource Adequacy Study to evaluate interconnection and transmission needs. The announcement cites job creation, tax revenue and historical North Dakota investment of $3.7 billion since 2003 by NextEra Energy Resources.

Positive

• Planned capacity of ~1,450 megawatts
• Submitted to SPP Expedited Resource Adequacy in October 2025
• Supports multi-gigawatt data center campus demand
• $3.7 billion invested in North Dakota since 2003

Negative

• No commercial agreements or project cost disclosed
• Potential electricity rate impacts mentioned but not quantified

Key Figures

Planned capacity 1,450 megawatts Proposed combined-cycle natural gas generation facility in North Dakota

State investment More than $3.7 billion NextEra Energy Resources infrastructure investment in North Dakota since 2003

Start of investment period 2003 Beginning of NextEra Energy Resources’ infrastructure investments in North Dakota

Market Reality Check

$83.13 Last Close

Volume Volume 8,000,042 is below the 20-day average of 9,818,910, suggesting limited pre-news positioning. normal

Technical Shares at $83.13 are above the 200-day MA of $74.19 and about 5% below the 52-week high of $87.53.

Peers on Argus

Large regulated electric peers were also down, with DUK at -1.12%, SO at -1.33%, NGG at -0.66%, AEP at -0.28%, and D at -0.85%, compared with NEE at -0.31%, indicating sector softness even though no broad momentum signal triggered.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 01	Management change	Neutral	-1.9%	Appointment of Scott Bores as president of FPL to support growth.
Nov 20	Regulatory approval	Positive	+0.0%	FPSC approval of multi-year FPL rate agreement supporting growth investments.
Nov 13	Operational award	Positive	-2.2%	FPL recognized with national reliability and value awards for service quality.
Nov 07	Investor outreach	Neutral	+1.0%	Planned participation in EEI Financial Conference and investor meetings.
Oct 28	Earnings posting	Neutral	-2.9%	Posting of Q3 2025 financial results and webcast access details online.

Pattern Detected

Recent positive operating and regulatory news sometimes coincided with flat or negative moves, while neutral items such as conference participation and management changes also saw mixed reactions, suggesting news flow alone has not consistently driven short-term price direction.

Recent Company History

Over the last several months, NextEra Energy reported Q3 2025 results, filed the related 10-Q, and highlighted strong FPL reliability metrics and national awards. Florida regulators approved a 2026–2029 rate agreement to support growth and infrastructure, while management announced participation in the EEI Financial Conference to discuss long-term growth expectations. Leadership changes at FPL, including a new president, were also disclosed. Today’s North Dakota development MOU adds another long-term growth-oriented infrastructure project alongside these recent regulatory and operational milestones.

Market Pulse Summary

This announcement outlines a memorandum of understanding for a 1,450 megawatt combined‑cycle natural gas facility in North Dakota, intended to anchor a multi‑gigawatt data center campus. It reinforces NextEra Energy Resources’ long-term presence in the state, where it has invested more than $3.7 billion in infrastructure since 2003. When assessing this news, investors may focus on interconnection milestones, regulatory approvals, project timelines, and how the Large Load Commercial Program structure shapes risk and returns.

Key Terms

combined-cycle technical

"joint development of a new combined-cycle natural gas-fueled generation facility"

A combined-cycle power plant uses two linked systems—typically a gas turbine and a steam turbine—so waste heat from the first is captured to run the second, boosting overall electricity output from the same fuel. For investors, that higher efficiency means lower fuel costs per megawatt, smaller emissions per unit of power and generally better operating margins, but it also involves larger upfront construction costs and technical complexity.

data center technical

"would serve as the foundation for a multi-gigawatt data center campus"

A data center is a secure facility that houses large numbers of computers, storage devices and networking gear that run, store and move digital information for businesses and online services. Investors treat data centers like modern warehouses: their occupancy, energy efficiency, connectivity and long-term service contracts drive steady revenue and capital needs, so changes in demand or costs can directly affect profitability and growth prospects.

AI-generated analysis. Not financial advice.

JUNO BEACH, Fla. and BISMARCK, N.D., Dec. 8, 2025 /PRNewswire/ -- NextEra Energy Resources, LLC and Basin Electric Power Cooperative (Basin Electric) have signed a memorandum of understanding to explore the joint development of a new combined-cycle natural gas-fueled generation facility in Basin Electric's North Dakota service territory. The project, developed under Basin Electric's Large Load Commercial Program, would serve as the foundation for a multi-gigawatt data center campus.

In October, the companies submitted an application to the Southwest Power Pool Expedited Resource Adequacy Study process to evaluate interconnection and transmission requirements, a key milestone in advancing the project. 

North Dakota continues to attract businesses and industries seeking reliable, cost-effective electricity and robust energy infrastructure. With a planned capacity of approximately 1,450 megawatts, the proposed facility would help meet demand from large-scale technology infrastructure such as data centers. If successful, the project is expected to create significant job opportunities and generate substantial tax revenue for local communities, all while working to minimize electricity rate impacts across the region.

"Basin Electric and NextEra Energy Resources' collaboration reflects the Trump Administration's forward-thinking approach needed to responsibly support technology growth," said U.S. Department of Interior Assistant Secretary for Land and Minerals Management Leslie Beyer. "Under Secretary Burgum's leadership, we are enabling data centers and other large-scale technology users to fund their own generation. This model supports innovation, strengthens America's energy security and helps keep electricity affordable for consumers – all while positioning the U.S. to lead in the global AI race."

"This is a win-win for North Dakota," said North Dakota Governor Kelly Armstrong. "We've always been a leader in responsible growth. By working with industry leaders like NextEra Energy Resources and Basin Electric, we're ensuring North Dakota remains at the forefront of innovation and powering America's growth – creating jobs, attracting technology investment and strengthening our communities for generations to come."

"North Dakota is seeing strong interest from technology and industrial companies, and our Large Load Commercial Program ensures we can meet that demand responsibly," said Basin Electric CEO and General Manager Todd Brickhouse. "This project, developed through the Large Load Commercial Program, creates the framework needed to serve new, high-demand energy users, like data centers, while insulating existing cooperative members from significant cost increases."

"NextEra Energy Resources is excited to collaborate with Basin Electric and its cooperative members to deliver a cost-effective American energy solution that supports innovation and economic growth," said NextEra Energy Resources President and CEO Brian Bolster. "This structure where data centers essentially fund their own generation, which we are using nationwide, and most recently in Iowa at our Duane Arnold facility, enables North Dakota to attract technology infrastructure, creating thousands of jobs and billions in economic impact."

Basin Electric's Large Load Commercial Program is designed to reliably serve new, high-demand energy users while ensuring developmental and operational costs are covered by the large load that requires them. This structured approach allows Basin Electric to responsibly support regional economic growth and emerging energy opportunities while creating long-term value for its cooperative membership.

For NextEra Energy Resources, the potential project underscores its long-standing commitment to North Dakota. Since 2003, the company has invested more than $3.7 billion in energy infrastructure across the state. 

About NextEra Energy Resources
NextEra Energy Resources, LLC, together with its affiliated entities, ("NextEra Energy Resources") is the largest energy infrastructure developer in the U.S. With approximately 33,410 megawatts of net generating capacity in operation as of year-end 2024, the company develops and operates a diverse portfolio that includes renewables, battery storage, natural gas and nuclear. NextEra Energy Resources builds and operates electric transmission assets, is a leading supplier of natural gas and power, develops natural gas plants, and delivers integrated energy and technology services to utilities and businesses across the U.S. NextEra Energy Resources, LLC is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit: www.NextEraEnergyResources.com.

About Basin Electric Power Cooperative
Basin Electric is a member-owned, regional cooperative headquartered in Bismarck, North Dakota. It generates and transmits electricity to 139-member rural electric systems in nine states: Colorado, Iowa, Minnesota, Montana, Nebraska, New Mexico, North Dakota, South Dakota, and Wyoming. These member systems distribute electricity to about 3 million members. Learn more at www.basinelectric.com.

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SOURCE NextEra Energy Resources, LLC; Basin Electric Power Cooperative

FAQ

What is the planned capacity of the River Run Energy Center (NEE) announced Dec. 8, 2025?

The proposed combined-cycle natural gas facility has a planned capacity of approximately 1,450 megawatts.

Has NextEra and Basin Electric applied for transmission review for the NEE River Run project?

Yes; the companies submitted an application to the Southwest Power Pool Expedited Resource Adequacy Study in October 2025.

How will the River Run Energy Center (NEE) support data center development in North Dakota?

The facility is intended to serve as the foundation for a multi-gigawatt data center campus by providing large-scale, dispatchable generation.

What local economic benefits does the Dec. 8, 2025 announcement claim for the NEE project?

The announcement expects job creation and substantial tax revenue for local communities, without disclosing exact figures.

How much has NextEra Energy Resources invested in North Dakota prior to the River Run announcement?

NextEra Energy Resources has invested more than $3.7 billion in energy infrastructure in North Dakota since 2003.

Are commercial contracts or project costs for the River Run Energy Center (NEE) finalized?

No commercial terms or total project costs were disclosed in the announcement.